FX week in review: Spotware CMO, CFI in South Africa, XTB and Dukascopy results

Hard to believe that yet another month of 2024 is in the books, but before we get to this week’s top stories we’re pleased to report that FNG had yet another month of record traffic and visitors in April.

FNG’s dominance of FX and CFD industry news among both traders and industry decision-makers is probably best seen via LinkedIn Analytics’ own Competitor stats, confirming that FNG articles continue – month after month – to get several x the engagement of any other “FX news” site (or as we call them, the copy-sites).

We don’t find our results surprising – that’s just what happens when you deliver unbiased, credible, original news and content, as opposed to a combination of promotional articles, paid-for awards, and the-day-after “news” articles copied from FNG headlines.

And now on to this week’s top headlines…

Which former Retail FX and CFDs broker marketing exec has become the new CMO of cTrader developer Spotware Systems?

What are CFI’s plans for expansion after getting a new South Africa FSCA license?

How did the latest financial results from XTB and Dukascopy look?

Which broker did former FP Markets APAC CEO / IC Markets General Manager / Rakuten Australia COO Nick Twidale now join?

Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:

Exclusive: Elena Kupriianova becomes CMO of Spotware. FNG Exclusive… Following our exclusive report from earlier this week that FX industry marketing executive Elena Kupriianova was joining Spotware Systems as the cTrader trading platform developer’s new Chief Marketing Officer, we’re pleased to follow that up with a detailed discussion with Elena. How did Elena end up at Spotware? What is it like to move “across the street” from working in the brokerage sector (Exness, Capital.com, CFI) to the tech-provider side of the business? We discuss these issues and a whole lot more with Elena, exclusively at FNG.

CFI advances into South Africa with new FSCA license. Leading online trading provider CFI has announced its successful expansion into South Africa. The company said that the move marks a significant milestone in the group’s strategic global growth and highlights CFI’s commitment to extending its reach within the African continent. With the FSCA license in hand, CFI Financial (PTY) LTD, now an authorized South African FSP (FSP No. 53711), is actively preparing to launch its operations in South Africa.

XTB sees record Revenues of $139M in Q1-2024. Poland based Retail FX and CFDs brokerage group XTB SA (WSE:XTB) has followed up a record 2023 with an even better start to 2024, reporting record quarterly Revenues and near-record Profits for the first quarter of the year. Revenues at XTB came in at PLN 556.0 million (USD $139 million) in Q1-2024, topping the company’s previous record of $134 million in Q1 of last year. Net Profit of PLN 302.8 million ($76 million) was just short of Q1-2023’s record profit.

Dukascopy sees Revenues, Profits continue to fall in 2H-2023. Geneva based Retail FX and CFDs broker Dukascopy has released its 2023 Annual Report and financial results, indicating that top line Revenues and bottom line profits continued to decline during the second half of the year, following what was already a very slow first half of 2023 at Dukascopy. Revenues at Dukascopy came in at CHF 9.5 million (USD $10.4 million) during 2H-2023, down slightly (by 1%) from 1H-2023, which as we earlier noted was the first time that Dukascopy Revenues dipped below the CHF 10 million level in more than 10 years.

Top FX industry executive moves reported at FNG this week included:

Nick Twidale

❑ Nick Twidale joins ATFX as Chief Market Analyst.

❑ iSAM Securities names Dennis Weissert as Head of Technology Business Development.

❑ MarketAxess appoints Dan Burke as Global Head of Emerging Markets.

❑ AJ Bell appoints Julie Chakraverty to its BoD.

❑ Komainu adds Paul Frost Smith as co-CEO alongside Robert Johnson.